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A-Reit issuing new units to raise $302m

Posted on 12 Aug 2009 | Comments Off

It says new funds could strengthen its capital structure

ASCENDAS Real Estate Investment Trust (A-Reit) is looking to raise at least $301.6 million through a private placement of new units – just months after a $408 million cash call in January.

The private placement will ’strengthen A-Reit’s balance sheet to take advantage of potential investment opportunities’, said Reit manager Ascendas Funds Management’s CEO and executive director Tan Ser Ping.

A-Reit asked to halt trading in its units yesterday morning and said it is issuing 185 million new units to institutional investors at between $1.63 and $1.70 apiece. The new units are equivalent to 11 per cent of the 1.68 billion units in issue as of June 30.

The issue price range represents a discount of 3.8 to 7.8 per cent to the volume weighted average unit price last Friday.

The Reit manager, with joint lead-managers and underwriters Cazenove & Co (Singapore) and DBS Bank, will determine the issue price t Continue reading →

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Tagged Ascendas Reit, Funds, Singapore REITS

CEO of K-Reit Asia’s management firm to step down on Aug 17

Posted on 12 Aug 2009 | Comments Off

Mainboard-listed K-Reit Asia said on Tuesday the CEO of its management firm is stepping down.

49-year-old Tan See Yiow will be resigning on August 17, and will be replaced by Ng Hsueh Ling.

Prior to this appointment, Ms Ng has held key positions with other real estate companies. Most recently, she was the CEO of Ascendas Korea and Japan from 2007 to 2009.

K-Reit Asia said Mr Tan will remain as an executive director at K-Reit Asia Management to assist with strategic planning and development of the trust.

At the end of the trading day, K-Reit Asia units were up one cent at S$1.06.

Source : Channel NewsAsia – 11 Aug 2009